A. Vaes: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
A. Vaes
Largest movements
- Cash +€100,662
up €100,662 (+33.5%), from €300,901 to €401,563
mainly Receivables within one year (+€82,795) and Other debts (+€73,245)
- Receivables within one year -€82,795
down €82,795 (-90.1%), from €91,900 to €9,105
of which Trade receivables: -€82,438
- Tangible fixed assets -€6,248
down €6,248 (-3.7%), from €166,681 to €160,433
of which Furniture and vehicles: -€10,708
- Reserves -€105,800
down €105,800 (-76.6%), from €138,075 to €32,274
of which Distributable reserves: -€85,173
- Other debts +€73,245
up €73,245 (+3248.5%), from €2,255 to €75,500
- Trade debts +€48,488
up €48,488 (+46.7%), from €103,915 to €152,402
- Debts after one year -€6,083
down €6,083 (-24.5%), from €24,864 to €18,782
- Write-downs +€42,337
new in 2025: €42,337
- Depreciation -€2,178
down €2,178 (-9.0%), from €24,148 to €21,971
- Taxes +€2,138
up €2,138 (+407.8%), from €524 to €2,663
- Gross operating margin +€1,461
up €1,461 (+3.2%), from €45,606 to €47,067
- Financial charges +€924
up €924 (+83.8%), from €1,102 to €2,026
of which Non-recurring financial charges: +€1,175
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €565,213 | €572,847 | +€7,634 | +1.4% |
| Fixed assets | 21/28 | €167,856 | €160,433 | -€7,423 | -4.4% |
| Tangible fixed assets | 22/27 | €166,681 | €160,433 | -€6,248 | -3.7% |
| Land and buildings | 22 | €90,853 | €104,477 | +€13,623 | +15.0% |
| Plant, machinery and equipment | 23 | €34,859 | €28,813 | -€6,045 | -17.3% |
| Furniture and vehicles | 24 | €37,852 | €27,143 | -€10,708 | -28.3% |
| Leasing and similar rights | 25 | €3,118 | €0 | -€3,118 | -100.0% |
| Financial fixed assets | 28 | €1,175 | €0 | -€1,175 | -100.0% |
| Current assets | 29/58 | €397,357 | €412,414 | +€15,057 | +3.8% |
| Stocks and contracts in progress | 3 | €3,793 | €983 | -€2,810 | -74.1% |
| Stocks | 30/36 | €3,793 | €983 | -€2,810 | -74.1% |
| Amounts receivable within one year | 40/41 | €91,900 | €9,105 | -€82,795 | -90.1% |
| Trade receivables | 40 | €91,083 | €8,645 | -€82,438 | -90.5% |
| Other amounts receivable | 41 | €817 | €460 | -€357 | -43.7% |
| Cash at bank and in hand | 54/58 | €300,901 | €401,563 | +€100,662 | +33.5% |
| Deferred charges and accrued income | 490/1 | €763 | €763 | = | 0.0% |
| Total equity and liabilities | 10/49 | €565,213 | €572,847 | +€7,634 | +1.4% |
| Equity | 10/15 | €423,075 | €317,274 | -€105,800 | -25.0% |
| Contributions | 10/11 | €285,000 | €285,000 | = | 0.0% |
| Reserves | 13 | €138,075 | €32,274 | -€105,800 | -76.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €20,628 | €0 | -€20,628 | -100.0% |
| Distributable reserves | 133 | €117,447 | €32,274 | -€85,173 | -72.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €142,139 | €255,573 | +€113,434 | +79.8% |
| Amounts payable after more than one year | 17 | €24,864 | €18,782 | -€6,083 | -24.5% |
| Financial debts | 170/4 | €24,864 | €18,782 | -€6,083 | -24.5% |
| Amounts payable within one year | 42/48 | €117,274 | €236,791 | +€119,517 | +101.9% |
| Current portion of amounts payable after more than one year | 42 | €10,967 | €6,083 | -€4,884 | -44.5% |
| Trade debts | 44 | €103,915 | €152,402 | +€48,488 | +46.7% |
| Suppliers | 440/4 | €103,915 | €152,402 | +€48,488 | +46.7% |
| Taxes, remuneration and social security | 45 | €138 | €2,807 | +€2,668 | +1930.5% |
| Taxes | 450/3 | €138 | €2,807 | +€2,668 | +1930.5% |
| Other amounts payable | 47/48 | €2,255 | €75,500 | +€73,245 | +3248.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,148 | €21,971 | -€2,178 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,337 | +€42,337 | |
| Other operating charges | 640/8 | €10,183 | €10,034 | -€150 | -1.5% |
| Gross operating margin | 9900 | €45,606 | €47,067 | +€1,461 | +3.2% |
| Operating profit (loss) | 9901 | €11,274 | -€27,275 | -€38,549 | |
| Financial income | 75/76B | €13 | €9 | -€4 | -29.4% |
| Recurring financial income | 75 | €13 | €9 | -€4 | -29.4% |
| Financial charges | 65/66B | €1,102 | €2,026 | +€924 | +83.8% |
| Recurring financial charges | 65 | €1,102 | €852 | -€251 | -22.8% |
| Non-recurring financial charges | 66B | - | €1,175 | +€1,175 | |
| Profit (loss) for the period before taxes | 9903 | €10,185 | -€29,292 | -€39,477 | |
| Income taxes | 67/77 | €524 | €2,663 | +€2,138 | +407.8% |
| Profit (loss) for the period | 9904 | €9,660 | -€31,955 | -€41,615 | |
| Transfer from tax-exempt reserves | 789 | - | €20,628 | +€20,628 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,660 | -€11,327 | -€20,988 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.